CM spent 1 million more than it earned last year. Follow the money as to where that came from and you arrive at David Gorton. That's all you need to know.
Clear up a couple of points thenn…
Looking in detail at the last lodges accounts..most the in & out money makes sense & the amounts are fine...
Except this:- under 7.Creditors "Amounts due within one year to group undertakings for 2017" £1,890,770.
Basically CGML is being used to borrow against...by NAIL..which is what I stated would happen in a post way back when NR took over...
It also states in section 14 that under section33 FRS102 that you are not disclosing group company transactions..
It then lists the directors of NAIL & their other involvements etc.
It then in section 15 clearly states that CGML is wholly owned by the parent company Natural Assets Investments Ltd.
It then states that the ultimate controlling party is Mr.D. Gorton.
Now Mr. D. Gorton is only mentioned as he has a controlling voting share in NAIL....
Now the debenture with HSBC taken out by NAIL was signed by Tim Fearn & Anthony Wild.
Back in the beginning (2011-2013)of NAIL David Gorton is not a director etc of NAIL, but held 600shares at £1 each.(purchased in 2011).
In February 2013 a notice to strike off the company NAIL was issued & then withdrawn the next day...WTF was going on here???
600 to DG & 400 to K2 Equity Partners LLP in shares
DG became a Director of NAIL in Jan 2016...occupation "Fund manager"...
Your accounts ending December 2015..state "The group has pledged land & buildings having a net book value of £22,898,793 to secure its bank loans by way of fixed charge.
It also states under creditors that NAIL owed the controlling party £3,100,000 to D.Gorton..& the amount is NOT subject to interest..
Then in the 2016 accounts it states that NAIL has made NO loan repayments to the principal shareholder..but...
"INTEREST IS ACCRUDED ON THESE LOANS WITH £3.7M CHARGED DURING THE YEAR (£2.6M CHARGED IN THE NINE MONTHS OF 2015).
also It states that it has a loan outstanding (£3,137,716)to Nexus Partners LP a company controlled by D.Gordon & the interest is 4.5% above the 3 month LIBOR rates...& is due for full repayment on 11th June 2022. The loan is secured by debenture over the assets of a subsidiary company...
Again it also states also states under creditors that NAIL owed the controlling party £3,100,000 to D.Gorton..& the amount is NOT subject to interest..
Also "during the year interest amounting to £3,633,498 was payable to D.Gorton".
There are huge amounts clocked up in expenses etc..& numerous inter-group money loans etc....